September 16, 2025
July brought a shift in New York City’s housing market, with home prices cooling after steady momentum earlier this year. The median listing price in the city dropped to $1,452,500, marking a noticeable step down from June.
While price drops in July aren’t unusual, the decline came alongside tighter inventory. Listings fell 5.3% month-over-month, leaving just over 6,700 homes on the market. Compared to last year, that’s still 1.5% more inventory—but it’s moving differently than the national trend. Across the U.S., active listings actually rose by 1.9%.
Time on Market
Homes in NYC are spending more time waiting for buyers. The average time on market hit 81 days in July—11 days longer than in June and just a day longer than the same time last year. Nationally, homes are selling much faster, averaging 58 days to go under contract.
Price Per Square Foot
Looking at pricing trends, NYC saw only a 0.1% dip in price per square foot compared to June. That’s relatively mild compared to the national market, which slid 0.9%. For buyers, this means that while prices are softening slightly, the city remains more resilient than the broader housing market.
What This Means for Buyers and Sellers
For buyers, the extended time on market could translate into more negotiating power this summer, especially as inventory remains tighter than expected. For sellers, realistic pricing and strong marketing are going to be key in attracting offers in a market where buyers have more time to decide.
As always in New York, neighborhood matters—trends can vary drastically between Manhattan, Brooklyn, Queens, and beyond. Keeping an eye on micro-markets is essential for both buyers and sellers navigating today’s conditions.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
